AM I IN TROUBLE???

[Tara James]

Okay so here's the deal:

I currently have a property under contract with the bank and my buyer backed out on me :(

The deposit is due today ( $2500 ) and my buyer who was originally supposed to pick it up backed out...

The property itself is an AMAZING DEAL!!! LITERALLY!

I picked it up at $116,000. The repairs are only $15 - $20k and the actual comp is $193,500.

It's a 4 bedroom / 2 bath with 2003 sq.ft....

So my question is what should I do?

Initially, my buyer was going to wire his funds for the full purchase amount to escrow but he's MIA :(

Luckily the bank doesn't have my deposit yet, but I know I'll have to turn it in by this evening....should I turn it in and find a buyer by friday?

Please help...I'm very new to this and this is my first deal!!!